The Ducks came in at 19th with a reported value of $188 million. The team was ranked 14th in 2009 at $206 million and 16th in 2008 at $202 million, according to Forbes.

That represents a nine percent decrease from last year, which tied with Carolina for the second biggest drop behind the Tampa Bay Lightning (24 percent), according to the report.

Ducks owner Henry Samueli told the Register in September that the organization is losing "millions" and will operate in the middle of the league in regards to revenue. The Ducks' payroll is roughly $55 million, well below the NHL maximum of $59.4 million.

The study measures how much franchises spent in payroll per victory and whether the team made the postseason.

The Oilers spend $1.71 in player costs per victory while theMaple Leafs dish out $1.53 million, according to Forbes. The most cost effective teams to make the playoffs were Phoenix, Nashville and San Jose.